SANTA MONICA, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2 million sale of a fully occupied six-unit apartment property located at 1937 17th Street in Santa Monica.
Kimberly Roberts Stepp, principal, and Aynsley Armbrust, vice president, with Stepp Commercial, represented the seller, a private investor from Los Angeles. Stepp also represented the buyer, Pasadena-based Downstream Exchange Company. The transaction closed at a very low cap rate of 2.6 percent and the price per unit was $333,000.
“This property offers the buyer a huge value-add opportunity to renovate the asset and increase rents by 100 percent, bringing them to market rate as vacancies occur,” said Stepp. “We garnered a strong amount of interest in this property with a total of eight offers, and closed at one of the lowest cap rates in the market to date for comparable apartment deals in the area.”
Built in 1948 and 1960, the two-building property consists of five two-bedroom units and one three-bedroom unit. Some of the units have private patios and formal dining rooms. The well-located asset is one-quarter mile from the new 17th Street/Colorado Blvd. Metro Expo Line station and is just one block from Santa Monica Community College.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit teamstepp.com